People often have the misconception that once an Olympic athlete wins a gold medal, they'll all of a sudden become richer than ever. While they do receive a global exposure, a glimpse of glory, and of course, bragging rights, they don't actually earn much from winning a medal.
Most Olympians don't actually make any money from attending the Olympics at all. Majority of their earnings come from corporate sponsorships, so unless they're a household name like Michael Phelps or Patrick Chan, they won't be receiving much for their medals.
However, there is one silver lining. Depending on the country that the athlete represents, they can receive "medal bonuses" from their national Olympic committee.
If they're representing a country like Singapore, they could earn up to USD $1 million worth of bonuses. However, if they represent countries such as United Kingdom, Norway, Sweden, or Croatia, they could walk away with nothing.
In Canada, gold medalist Olympians earn bonuses up to USD $15,000... which is unfortunately not a whole lot.
So if you're an aspiring Olympic gold medalist, might be time to consider moving to Singapore #jknotjk.